Goal Seek Issue

[Jonathan Tucker]

I'm about to pull my hair out over this one step in my homework. I've read my assigned textbook chapter on Goal Seek, Scenario Manager, etc... but trying to plug the problem from my instructions into goal seek isn't proving successful. Here's the exact wording:

"Use Goal Seek to determine the optimal purchase price based on the objective of no more than 15% of available capital in cell B20 for the monthly payment."

I barely know how to use Excel (or Goal Seek, although it seems simple enough) so I'm probably picking the wrong values and putting them in the wrong places. I would greatly appreciate it if someone could set me straight.

Thanks for reading.

 

[mfexcel]

Well, since it's your homework, it's not good for giving you answer right away.

Think about:
What is the variable? (By Changing Cell)
What is your goal? (Set Cell: and To value)

I'm about to pull my hair out over this one step in my homework. I've read my assigned textbook chapter on Goal Seek, Scenario Manager, etc... but trying to plug the problem from my instructions into goal seek isn't proving successful. Here's the exact wording:

"Use Goal Seek to determine the optimal purchase price based on the objective of no more than 15% of available capital in cell B20 for the monthly payment."

I barely know how to use Excel (or Goal Seek, although it seems simple enough) so I'm probably picking the wrong values and putting them in the wrong places. I would greatly appreciate it if someone could set me straight.

Thanks for reading.

 

[Jonathan Tucker]

If this really were "my" homework, I would share your sentiment regarding figuring it out for myself. However, this is actually my sister's homework. I'm trying to do her homework for her (because she won't... can't do it for herself) to try and keep her from failing this class. I don't know how to use Excel at all really, I'm just trying to pass her through these assignments.

I really just want to figure out this one thing so I can move on and complete the rest of the assignment, but unfortunately it isn't making sense.

Sorry for the confusion.

 

[mfexcel]

Suggest you read the question carefully.

"Use Goal Seek to determine the optimal purchase price based on the objective of no more than 15% of available capital in cell B20 for the monthly payment."

Thanks for reading.

 

[Jonathan Tucker]

I can assure you that I have read the question very carefully, and many times, but I just cannot resolve it. I know it's right in front of my face, and I feel like I'm real close to getting it out of the way. But like I said, I'm really not good at Excel. If it were my class, and I had the opportunity to go in and ask my professor about it things would be different, but as it stands I absolutely have no idea what to do and would very much appreciate some assistance.

 

[mfexcel]

Did you notice that I have BOLD part of the text in the question?
In goal seek, you have only 3 inputs. Variable (Changing cell) , Goal (Cell and Value).

One more hint:
In your original posting, the setting in goal seek literally means:
Pls set the value in B20 to 0.15 by changing the value in E4.

I guess this is the last hint I could offer. Good Luck.

I can assure you that I have read the question very carefully, and many times, but I just cannot resolve it. I know it's right in front of my face, and I feel like I'm real close to getting it out of the way. But like I said, I'm really not good at Excel. If it were my class, and I had the opportunity to go in and ask my professor about it things would be different, but as it stands I absolutely have no idea what to do and would very much appreciate some assistance.

 

[Jonathan Tucker]

I appreciate your hints, but I'm afraid I still don't understand. I suck at everything Excel, which is not surprising given the fact that I've never used it before in my entire life, for anything, until this class (which isn't even my class, by the way). If my sister weren't in danger of being expelled from college (again), I would have been more hesitant to take this on. I'm an Anthropology major at my university, and while I've dabbled in anthropological statistics (and utterly failed in it) I've never used this program for any serious work before. I thought that reading the relevant chapter in the textbook would help me a little, but it didn't. I'm just too stupid to get it and I literally have no time to keep on practicing until I get it right.

I'm not trying to guilt you or anything, I'm just frustrated. I always knew the day would come when I would actually have to use Excel, but I didn't think it would involve me having to try and learn everything there is to know about it and how it all works in just a few weeks.

All I'm asking here is for someone to explain to me how these particular variables are (correctly) input into the Goal Seek. I actually do want to know now, because I find it so frustrating that I can't figure it out at all, even with hints.